The world's largest cryptographic exchange, Binance, today identified that the SYS tokens were being treated as 'illegitimate' and stopped SYS transactions as a temporary measure.

Explaining that Syscoin has created extraordinary transaction models, the stock market has announced that it has temporarily stopped operations and withdrawals due to "system maintenance". The stock market then reopened the transactions and confirmed that all funds were safe. So what exactly was the extraordinary transaction in the stock market?

96 BTC operation

A user has placed an order to receive 1 Syscoin with 96 BTC and that order has been successfully completed. This caused a great panic and hysteria in the users because it was considered a hack attempt, a system failure or a simple mistake made while putting orders. Syscoin noted that they were investigating whether there was a potential problem and that they were in the process of asking the stock market to stop the transaction.

API keys

Following the suspension of operations, Binance explained:

"Due to illegal actions in some APIs, Binance will remove all existing API keys as a security precaution. We ask all users to create their API keys from scratch."

On the other hand, some news sources were suspicious of the possibility of "hacking" or attempting to print new coins in Syscoin Blockchain. Syscoin later refuted this assertion and confirmed that Blockchain was safe.

SAFU Fund

Binance later made the following statement:

"In order to protect the future interests of all our users, we will issue a SAFU (Safe Wealth Fund for Users) as Binance. In extreme cases we will transfer 10% of all transaction fees to SAFU starting July 14, in order to protect our users and funds. SAFU will be held in a separate cold wall."

Binance has also announced that non-compliant transactions have been withdrawn.